Historic breakthrough in the crypto industry! Kraken obtains Fed main account and is approved to access the Fedwire payment system

Cryptocurrency exchange Kraken officially obtains a main account with the U.S. Federal Reserve (Fed), becoming the first crypto company in the U.S. to access the Fed’s core payment system.
According to the exclusive report by The Wall Street Journal, Kraken states that its subsidiary, Kraken Financial, has been approved to open a Fed main account. Through this account, Kraken will be able to access the Fed’s real-time payment system, Fedwire, which is the central interbank payment system in the U.S. primarily used by large corporations, handling trillions of dollars daily.
In the past, Kraken had to rely on partner banks as intermediaries to process USD transactions. Now, with the main account, Kraken Financial can directly settle USD and transfer funds, significantly improving the exchange’s fund clearing efficiency. This is especially beneficial for institutional investors and large trading clients, as deposit and withdrawal speeds and liquidity are expected to improve markedly.
The U.S. political sphere has also quickly expressed support for this breakthrough. Senator Cynthia Lummis, a long-time supporter of the crypto industry, stated in a release:

“This approval marks a significant milestone for the digital asset industry. The Fed has finally recognized that a digital asset company can promote financial innovation while maintaining rigorous risk management.”

Kraken Financial holds a cryptocurrency banking license issued by Wyoming, and the main account application was reviewed and approved by the Federal Reserve Bank of Kansas City.
However, Kraken has obtained a “lite” version of the main account, which does not grant the full privileges that traditional banks have within the Federal Reserve system. For example, funds stored in Fed accounts will not earn interest, and in times of liquidity crises, Kraken will not have access to emergency loans from the Fed.
Founded in 2011, Kraken has been steadily moving toward an initial public offering (IPO). In the competitive landscape, rivals like Coinbase, Gemini, and Bullish have already gone public, and Kraken appears to be accelerating its efforts to catch up.